02.10.2023 (Nasdaq) - After a contested Monday session, the soybean futures closed 2 to 6 cents in the black to start the new month of positioning. Soymeal futures closed off their lows, but were still down by $6 to $8.30/ton. Soybean Oil futures closed 146 to 241 points higher on the day. 

The weekly Crop Progress report had 86% of soybeans droppoing leaves as of 10/1. Harvest advanced 11% points to 23% finished. The average pace is to be 22% finished. The conditions data had increased 5 points on the Brugler500 Index to 339. Indiana jumped the most.

The monthly Fats and Oils report had 168.98 mbu of soybeans crushed for August. That was down from 184.8 mbu in July and was 6 mbu lighter than Aug ’22. The 22/23 soy crush totaled 2.212 bbu. Soybean oil stocks were reported at 1.772b lbs, from 2.166 billion in July. 

USDA flashed a private export sale this morning for 132k MT of soybeans to China. 

USDA’s Export Inspections report showed 663k MT of soybeans were shipped during the week that ended 9/28. That was up from 507k MT last week and from 609k MT during the same week last year. The report showed the season total shipment was 1.974 MMT, up by 158k MT from last season’s pace. 

NASS counted 268.2 mbu of soybean stocks on September 1, implying Q4 disappearance at 528.2 mbu. NASS also revised the 2022 crop size downward by 5.93 mbu to 4.270 bbu.

Nov 23 Soybeans  closed at $12.77, up 2 cents,

Nearby Cash   was $12.12, up 2 7/8 cents,

Jan 24 Soybeans  closed at $12.96 3/4, up 2 1/4 cents,

Mar 24 Soybeans  closed at $13.13 1/4, up 3 cents,

https://www.nasdaq.com/articles/soybeans-close-higher-on-oct-1st